Where is your household income?

[RoyGBivisacolorfulman]

https://ifs.org.uk/toolsanddresources/wheredooyoufitt_in#tool-results-section

AIBU to think this doesn't reflect society as a whole as there is a lot of wealth especially in business that may not get classed as income?

People I know are in the top 5 percent.

The illustratous 85k that has been talked about on here is

With a household after tax income of £84954 per week, you have a higher income than around 99% of the population - equivalent to about 65.3 million individuals.

Guess people are property and inheritance rich too.

My aunts and uncles are way richer than me but my income looks better on paper. They are retired with lots of property.

Where do you feature on the scale? Clearly nobody has to answer.

It's not the whole picture far from it I think?

@Nepmarthiturn

I didnt say it existed

We need (as a global society) to figure it out.

Or we could just keep destroying the planet

Good luck getting Governments around the world to behave as a "global society" with common regulations and values. People in the UK apparently didn't even want to be part of a European society where fundamental cultural values were already commonly shared, to achieve greater public goods for all in terms of issues like rights, environment etc that require international cooperation.

"With a household after tax income of £1,136 per week, you have a higher income than around 91% of the population..."

I'm surprised we're in the top 9% as I'd have guessed top 25-40%, however most of our social circle are people that are economically like us and so we're in a bit of a middle-class bubble.

We're DINKS, fly economy, stay in budget hotels, only eat out twice a month... no major extravagances really. However, we have a nice house and all our spare cash goes on overpaying the mortgage, so we'll hopefully be mortgage-free by the time we're 52 (him) and 48 (me). I realise that's a lifestyle choice and we're privileged to be able to do that. We have an appreciating asset that we can downsize from at some point and boost our retirement pot, which many people won't have. We can heat the house and don't have to watch the pennies at the supermarket, which I am eternally grateful for.

We're in the top 98% DINKs living in London. We have plenty to be honest, we buy whatever we want and save a lot. We don't have particularly expensive tastes though. Cheap runabout, no designer clothes/handbags etc.

Trying for a baby though so know once we have to pay for childcare things will feel a lot tougher.

It does bring home how fucked the London housing market is though. We'd love to move out of our flat and even with good salaries and lots of equity we are struggling to afford a house in zone 2. It surely can't be sustainable long term?

Christ, I am a single parent and a bog standard teacher but I come in at higher than 58% of the population. That shocks me as a one income household and not a very high salary. Clearly I nees.to.get my priorities straight.

@Nepmarthiturn

I clearly said it would never be achievable.

It should be

We shouldn't be ok with a system that results in Bezos, Musks and kardashians

Yet folk will comtinue to defend it because they're selfish

This. I'm quite shocked actually. Our basic income + child benefit and tax credits (which we have survived on for years) puts us in the bottom 13%. When I now add on DDs PIP and my carers allowance (both of which we only started receiving last month) that puts up to the bottom 22%. But we live in a nice house and are mortgage free, so we have always been able to give the kids plenty of activities, have an annual UK holiday and do trips out etc. We have certainly never felt 'poor'. Of course we have always had to be careful and prioritise, but no way would I have said that we've spent well over a decade in the bottom 13% - I honestly would have put us somewhere 'middling'. The kids all do music lessons and sports - DD has been horse riding every week for years. To me, it just feels like it is too blunt a tool to have any real use.

I'm not defending it. I think huge changes are needed and ultimately will be forced because there'll be no other option as resources become ever more scarce. I don't see the people who benefit from the status quo reliquishing it voluntary though I'm afraid.

And the people who do benefit for it aren't people on PAYE with larger salaries, or small business owners. It is the super rich, the top 0.3% or so. The tool conveniently provides no stratifying of their income... it simply says it is "off the side of the chart" 😏😒

This. I'm quite shocked actually. Our basic income + child benefit and tax credits (which we have survived on for years) puts us in the bottom 13%. When I now add on DDs PIP and my carers allowance (both of which we only started receiving last month) that puts up to the bottom 22%. But we live in a nice house and are mortgage free, so we have always been able to give the kids plenty of activities, have an annual UK holiday and do trips out etc. We have certainly never felt 'poor'. Of course we have always had to be careful and prioritise, but no way would I have said that we've spent well over a decade in the bottom 13% - I honestly would have put us somewhere 'middling'. The kids all do music lessons and sports - DD has been horse riding every week for years. To me, it just feels like it is too blunt a tool to have any real use.

Based on what you've said though you are in the middle if not higher. The problem is the tool considers only income not expenses, so the conclusions are meaningless. No consideration either of wealth or assets: pensions, and particularly owning a house mortgage free alone would move you several deciles in terms of disposable income after essential costs which is all that really matters in terms of standard of living.